First, HUGE thanks to phild328 for figuring this out. I wanted to make step-by-step instructions for anyone who felt like this common problem is beyond their technical abilities. PM me if you have any questions.

To make accessing the VIC easier, apply the hand brake and shift the gear selector down to 1. Remove the ashtray and the two screws behind it. Then remove the two screws in the top of the panel directly above the VIC.

Loosen the lower dashboard on the driverís side by removing the four screws on the bottom of the panel.

Open the passenger door and remove the screws under the dashboard as well as the one on the panel that faces the door. A short screw driver works best.

Open the glove box and remove the two screws above the latch. Then remove the screw in the right corner, then the left (reverse the order to make reassembly easier.)

NOTE: The two screws in the corners are longer than the rest of the trim screws.

Your dashboard should be hanging freely at this point, except for one clip directly to the left of the VIC.

To unfasten the driver and passenger side dash panels, pull forward on the lower right corner of the driverís side dash panel while pushing back on the lower left corner of the passenger side dash panel.

Your VIC should be easy to access at this point.

Remove the three screws securing the VIC. There are two on top and one underneath.

Pull the VIC forward until you can see the plug and wires. Push in the tab on the top of the plug and slide it out.

Find the pink and black wire on the plug and match it to its corresponding pin.

Removed VIC:

Using a T10 torx screw driver or bit, remove the six screws securing the face of VIC.

The VIC consists of two circuit boards. Unscrew each and place the VIC face down.

On the back of the bottom circuit board, locate where the plug is attached and flip the board over.

Locate the soldering contact for the pink and black wire.

Clean the pin and re-solder the contact. (I have never soldered before I took on this project. Check youtube for some good instructional videos.)

I wouldn't mind taking it to a good repair man, so that they can check out everything that needs to be replaced or fixed. Does anyone know any good and recommended shops/service stores in Seattle area?

Thanks for the write up with pics. I just did this today with this topic up on my netbook as reference. The PITA clips wasn't that bad to deal with. Just gently push the console by the VIC in and gently pull the clip area on the driver's side forward. Wait for the "click" and done. Just do the reverse to reattach. Though having plenty of light behind the console helps greatly in realigning the clips.
I didn't have a bad solder problem, but there was a bit of corrosion in the same area on the opposite side on the corner of the connector. Cleaned it up with some water and baking soda with an old toothbrush. Rinsed it off real good with Isopropyl alcohol and set in in the enclosed jeep to dry for a few hours. Reinstalled, no hood open indicator or Coolant Sensor Bad message with beeps. So far, so good.

Well, I just went through this procedure and apparently I was successful. I say apparently, because the process of leaving the shifter in gear 1 required me to leave the key in the off position, which in conjunction with the open doors drained my battery. I am charging it up now.
I had two solder joints which were clearly cracked. I have circled them in the attached photos. Looks like they are the usual suspects. Both are connector pins. The photos show my repaired solder joints.

UPDATE: My battery is recharged, my idle speed is restored, and I now also enjoy ding-free driving.

Thanks for the feedback. This may need a little editing. I did most of my work with the passenger door open. Prevente4d the annoying key in ignition alarm and the lights turned themselves off after a few mintes.